Tether Suspected of Unpegging USDT Not Simply: CoinDesk Obtains Key Documents, Suspected of Coordinated Shorting

Tether revealed in a statement that it has agreed to provide key data on quarterly reserves requested by CoinDesk as part of its settlement with the New York Attorney General's Office in 2021. Tether claims it agreed to do so but seems to be very concerned about this document, urging CoinDesk not to publish any content related to it. At the same time, there are suspicions that the timing of the release of this document regarding USDT is a deliberate coordinated attack.

USDT Stabilizes After Uncoupling

On June 15th, Tether's USDT experienced a slight decoupling, with major exchanges Coinbase and Kraken dropping to $0.9973 and $0.9974 respectively.

On the decentralized stablecoin exchange Curve, the liquidity ratio of USDT also reached 74% at one point.

Summary of USDT Uncoupling: USDT Slightly Decoupled! USDC Price Difference Attracts Arbitrageurs, Tether CTO: Redeem as Much as You Want

However, a day later, the USDT price has slightly recovered:

• Coinbase: 0.9986

• Kraken: 0.9989

• Curve Ratio: 63.07%

Tether's CTO, Paolo Antonio, immediately reassured the community and users through Twitter after the decoupling incident.

However, in a subsequent announcement, Tether mentioned that the uncoupling was not accidental, but intentional.

Tether: Planned Attack Event

I. CoinDesk Obtains "Key Documents" from Tether and the New York Attorney General's Office Settlement

In a statement, Tether mentioned the 2021 settlement with the New York Attorney General's Office, which required quarterly reporting of reserves for two years. Tether emphasized compliance with reporting requirements and no shortfall in reserves.

Paying $18.5 Million Fine: Tether and Bitfinex Settle with New York Attorney General's Office: We Did Nothing Wrong

Previously, CoinDesk had requested the New York Attorney General's Office to disclose Tether's first-quarter report under the New York Freedom of Information Law (FOIL).

Tether had been opposing this based on the grounds of preventing the disclosure of confidential user data. However, in line with their commitment to transparency, Tether agreed on June 15th to allow the New York Attorney General's Office to provide the relevant documents to CoinDesk.

Tether also emphasized that independent third parties in the documents confirmed the safety of USDT reserves.

II. CoinDesk Receives Sensitive Documents + DeFi, CEX Joint Attack

Tether suspects that the minor decoupling event on 6/15 was too coincidental. The uncoupling of prices on DeFi and centralized exchanges (CEX) happened on the same day CoinDesk received the documents, raising suspicions.

However, Tether expressed confidence in its financial data and criticized CoinDesk for biased reporting, attempting to undermine Tether's market share to support major competitors.

Appeal to CoinDesk Not to Disclose User Information

CoinDesk did not report on this matter before the deadline.

Tether appealed to CoinDesk not to disclose user information names, as it could put users at personal risk. If CoinDesk insists on publishing any content on this matter, Tether will continue to monitor the USDT market for signs of market manipulation.